It’s also worth noting that diamonds for jewelry have very little to no used market value or appreciation. Natural diamonds might be worth the premium if they could be a store of value like gold, but that isn’t the case. I think that is a clue to the absence of a fair market dynamic.
It’s really weird, how popular culture keeps using diamonds as (usually ill-gotten) currency. In reality, they are pretty terrible for the purpose, and I think most people are aware of that.
Buying diamonds has always been expensive, but selling them, is another matter, entirely.
Also, deBeers invented the diamond wedding ring fairly recently. My mother’s wedding ring was a big-ass sapphire. If you look at classical wedding rings, they are often non-diamond stones.
I think most of that perception comes from cultural depictions of jewel thieves. If you're stealing the diamonds, not paying for them, then they're a very concealable and conveniently value-dense. It doesn't matter to a jewel thief that the tiny little shard of shiny gravel was originally purchased for many thousands of dollars. What he cares about is he can hide it anywhere and get hundreds of dollars for it. Much better than stealing TVs.
> Also, deBeers invented the diamond wedding ring fairly recently.
The DeBeers campaign that boosted the already significant popularity of diamond engagement rings was in 1947. I don't think diamonds or other gemstones on wedding (as opposed to engagement) rings have ever been a major thing (though I'm sure some people do that.)
Tiffany, I think, did a big push a few decades before that did a lot for the popularity of diamond engagement rings among the middle class, and diamond engagement rings had been popular among the upper class since something like the Victorian era.
> I think that is a clue to the absence of a fair market dynamic.
Also probably due in part to what's been called the best advertising slogan of the 20th century: "A Diamond is Forever" [0]. The implication being that you're not supposed to sell (or buy) a used diamond.
Just make sure to pay your taxes and avoid decaf coffee, otherwise some college kid is going to buy one for you and install it in your basement porta-potty time machine.
I bought mine from therealreal.com. I got a lot more ring than I'd normally be able to afford, and it's an elegant design you don't see everywhere.
Check with the recipient beforehand, of course. You're not the one who has to wear it, and no amount of logic is going to change a mind that wants a brand new, natural diamond.
im a bit confused ... how can most people know if the diamond has been "used"?
you typically buy jewelry with a diamond in it. the jewler could gave bought it new or pried it out of an old ring. How would you know ? (and why would anyone care?)
It is not so much that used diamonds are worth less (although they might decline in value without provenance to prove they are natural or if they are chipped) but the huge markup on retail jewellery. It's easy for any member of the public to buy and sell gold at close to market price, it's much harder with diamonds.
> It is not so much that used diamonds are worth less (although they might decline in value without provenance to prove they are natural or if they are chipped) but the huge markup on retail jewellery.
Precisely.
And on top of that some jewelry stores are worried that customers would consider a below wholesale offer to be insulting, so they often refuse to buy piece back at all.
Jewellery stores have started supplying certificates of pedigree with diamonds they sell. This helps to reassure the customer that the diamond is not second-hand.
You are obviously affected by this ailment called "science-based critical thinking". It is bad (for business) so you should consult an astrologist or a zen furniture arranger to seek remediation.
Just yesterday I was joking with friends that I wish I could give my soon to be fiancee a gold ring with a diamond shaped gold nugget in the setting as an engagement ring...
